Being a member of a Public Sector Plan, you may have many options to maximise your pension at retirement. For the vast majority of members of the public sector, understanding and evaluating their entitlements under their superannuation scheme is a complex issue.

It’s certainly not getting any easier, with changes in the state retirement age, issues arising out of different PRSI arrangements, early retirement options, and deciding on which course of action to take to enhance your superannuation scheme benefits.

Our team is help you to assess your financial situation and walk you through your options clearly, and advise you and the best options for you and for your financial goals.

Company pension schemes can sometimes provide lower benefits than the maximum allowed. In recognition of this, the Revenue Commissioners give tax relief up to certain limits to encourage members of company pension schemes to top-up their pension benefits.

These benefits can be increased by making Additional Voluntary Contributions (AVC’s).

How does an AVC work?

If you are in a pension scheme at work and wish to invest more money into your retirement planning, you can either pay into your main scheme at work or a Personal Retirement Savings Account (PRSA). These contributions become known as AVCs.

If you decide to pay AVC’s into a PRSA, and if you leave your employer’s pension scheme in the future, it is possible to continue making contributions into your PRSA. If you don’t join another employer-sponsored pension scheme at work, these would be considered PRSA contributions rather than AVCs.

Last Minute AVC’s can be used to enhance your benefits close to retirement. We are here to help you with your AVCs and advise you on the best options to help you achieve your financial goals.

The majority of pension schemes in the public service are defined benefit schemes i.e. the pension benefits are specified or defined in the rules of the scheme. Thus the scheme member should know the calculation formula which will determine the level of benefits due at retirement.

Furthermore, public service schemes pre-2013 are final salary defined benefit schemes i.e. the benefits formula is based on the level of pensionable pay at retirement.

This changed with the introduction of the Single Public Service Pension Scheme on 1st January 2013. The Single Public Service Pension Scheme is based on a career-averaging model, which means that your retirement benefits are based on a percentage of your pensionable earnings throughout your public service career as a member of the scheme.

You can find links to the relevant calculators below, or to find out more, get in touch with our team today.

Given the complexities of pension calculations, there are various Pension Modeller calculators available. These Modellers are a useful tool in assisting you as you review your pension entitlements.

The following are links to the main calculators available based on when you started or re-entered public service:

• Pre 6th April 1995 
• 6th April 1995 – 31st March 2004
• 1st April 2004 – 31st December 2012
• 1st January 2013
• Teachers’ Pension modeller
• Nurses Pension modeller
• Prison Officers Pension Modellers:
  • Pre 6th April 1995
  • 6th April 1995 – 31st March 2004
  • 1st April 2004

This is a very brief overview for general information purposes. It is not a legal interpretation of any individual pension scheme. For specific queries on your own pension entitlement, you should contact the personnel unit of your organisation.